Annual Percentage Rate (APR) on USD margin loan balances for IBKR Pro as of 6/1/2020. Interactive Brokers calculates the interest charged on margin loans using the applicable rates for each interest rate tier listed on its website. For additional information on margin loan rates, see ibkr.com/interest.

IB calculates the interest charged on margin loans using the applicable rates for each interest rate tier listed on its website. For additional information, see ibkr.com/interest.

IB SmartRoutingSM searches for the best firm stock, option and combination prices available at the time of your order and seeks to immediately execute the order electronically. During the second half of 2019, IB SmartRouting provided our clients with an average savings of $6.70 per trade vs. the industry and, after netting for IBKR commissions, an average net benefit of $4.42 per trade.2

US Equities Execution Price Improvement Comparison

Per Trade Average

IB SmartRouting Benefit

$6.70

Average Commission

$2.28

Net Benefit per Trade

$4.42

*Net US Dollar Price Improvement vs. Industry Bid / Offer3.
Based on independent measurements, IHS Markit, a third-party provider of transaction analysis, has determined that Interactive Brokers' US stock price executions were significantly better than the industry's during the second half of 2019.4

Access to IB SmartRoutingSM for US listed securities is generally available only to IBKR Pro accounts.

IHS Markit reported that IBKR clients received $0.43 per 100 share net price improvement versus the industry as a whole during the second half of 2019. The average monthly stock order size during that period was 1,557 shares and the average commission per cleared commissionable order was $2.28. The average net benefit was calculated as follows: (1,557 shares)($0.0043 net price improvement per share) = $6.70 average savings - $2.28 average commission = $4.42 net benefit. Access to IB SmartRoutingSM for US listed securities is generally available only to IBKR Pro accounts.

IHS Markit. Industry as a whole for the referenced periods according to IHS Markit. The IHS Markit analysis for US stocks included all market orders of 100 shares or more, up to 9,999 shares from July - December 2019.

What Other Online Brokers Conveniently Leave Out

Our results are even more impressive when you consider that other industry-touted statistics don't give you the whole picture. They only discuss the percentage of orders that saw price improvement, and conveniently ignore the percentage of their orders that were dis-improved or had no improvement. In contrast, our statistics are netted, showing the true bottom-line price improvement including, all improved, dis-improved and unimproved amounts.

Unlike smart routers from other online brokers, IB SmartRouting never routes and forgets about your order. It continuously evaluates fast changing market conditions and dynamically re-routes all or parts of your order seeking to achieve optimal execution and maximize your rebate.

IB SmartRouting represents each leg of a spread order independently and submits each leg at the best possible venue.

IB SmartRouting AutorecoverySM re-routes your US options order in the case of an exchange malfunction, with IB undertaking the risk of double executions.

To help provide price improvement on large volume and block orders and take advantage of hidden institutional order flows that may not be available at exchanges, IB includes eight dark pools in its SmartRouting logic.

Our smart router takes into account transaction costs along with the fee or rebate for taking/adding liquidity when determining where to route your marketable order when the inside market is shared by multiple exchanges. For clients who want even more control of their orders, TWS clients can specify stock and options smart routing strategies for non-marketable orders. For stocks, clients with the Cost Plus pricing structure can elect to have their non-marketable orders routed to:

The exchange with the highest rebate.

The listing exchange on the symbol.

The highest volume exchange that has a rebate for adding liquidity.

The highest volume exchange that charges the lowest fee for taking liquidity.

For options, clients can choose to send their non-marketable Smart routed orders to the exchange offering the highest rebate. These routing directives can be set on a per-order basis from the "Misc" tab of the Order Ticket, or as a global default setting from the Smart Routing configuration page.

Interactive Brokers ®, IBSM, InteractiveBrokers.com ®, Interactive Analytics ®, IB Options AnalyticsSM, IB SmartRoutingSM, PortfolioAnalyst ®, IB Trader WorkstationSM and One World, One AccountSM are service marks and/or trademarks of Interactive Brokers LLC. Supporting documentation for any claims and statistical information will be provided upon request. Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.

Options involve risk and are not suitable for all investors. For more information read the "Characteristics and Risks of Standardized Options". For a copy call Interactive Brokers' Client Services on 312-542-6901. Before trading, clients must read the relevant risk disclosure statements on our Warnings and Disclosures page - http://www.interactivebrokers.com/disclosures. Trading on margin is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment. For additional information regarding margin loan rates, see http://www.interactivebrokers.com/interest. Security futures involve a high degree of risk and are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading security futures, read the Security Futures Risk Disclosure Statement. For a copy visit http://www.interactivebrokers.com/disclosures. Structured products and fixed income products such as bonds are complex products that are more risky and are not suitable for all investors. Before trading, please read the Risk warning and Disclosure Statement at http://www.interactivebrokers.com/disclosures.

Is a member NYSE - FINRA - SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission.Headquarters: One Pickwick Plaza, Greenwich, CT 06830 USAWebsite:www.interactivebrokers.com

Is regulated by the Hong Kong Securities and Futures Commission, and is a member of the SEHK and the HKFE.Registered Office: Suite 1512, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong SAR.Website:www.interactivebrokers.com.hk

Is regulated by Kanto Local Finance Bureau (Registration No.187) and is a member of Japan Securities Dealers Association and The Financial Futures Association of Japan.Registered Office: Kasumigaseki Building 25F, 2-5 Kasumigaseki 3-chome, Chiyoda-ku, Tokyo, 100-6025 Japan.Phone: +81 (0)3-4588-9700 (On business days from 8:30-17:30 JST).Website:www.interactivebrokers.co.jp